Decision details

The purpose of the report is to update the Council’s medium term financial strategy and action plan to help guide the management of the Council’s finances, considering future Government funding, whilst awaiting the outcome of the 2019 Spending Review, Fair Funding Review and the Localisation of Business Rates Retention Scheme.

The key recommendations from this report will help formulate the 2020-21 budget, and level of Council Tax.

Cabinet is asked to recommend to Council the following;
(1) The key financial principles and actions of the five year financial strategy
(2) That the current five year Financial Model is noted
(3) That a minimum level of general fund reserves be set, having considered the recommendations from the Corporate Governance and Audit Committee
(4) That the current resources position is noted.

Key issue – yes

(Recommendation from Corporate Governance and Audit Committee)

RECOMMENDATION TO THE COUNCIL

1.    That the key financial principles and actions of the five year Financial Strategy set out in appendix 1 to the agenda report be approved.

2.    That the current five year Financial Model detailed in appendix 2 and the Resources Statement in appendix 3 to the agenda report be noted.

3.    That, having considered the recommendations from the Corporate Governance and Audit Committee, the Minimum Level of the General Fund Reserves is set at £6.3 million.